Latest News for Mullanpur New Chandigarh

Omaxe Q3 net profit down 14%

Realty firm Omaxe today reported 14 per cent decline in consolidated net profit at Rs 19.31 crore for the third quarter ended December 31, against Rs 22.57 crore in the year-ago period because of lower margins.

Its consolidated income grew 30 per cent at Rs 451.81 crore, as against Rs 347.97 crore during Q3, 2010-11.

“The figures are reflective of some pressure on margins on account of high interest rates. However, operational performance has been good and we have recorded 30 per cent increase in sales over previous quarter,” Omaxe Ltd Chairman and Managing Director Rohtas Goel said in a statement.

The demand continues to remain high, especially in cities such as Lucknow, Mullanpur (New Chandigarh) and Indore, which remains our strategic market, he added.

“With the cut in CRR, RBI has signalled a shift in its policy stand. The interest rates are expected to taper off as inflation loses steam in the coming months.

“This will give the much needed boost to the real estate sector and the outlook for coming quarters points towards an encouraging trend,” Goel said.

Omaxe is currently working on 42 real estate projects – 18 integrated townships including two hi-tech townships, 14 group housing projects, 8 shopping malls and commercial complexes, and two hotel projects.

GOVERMENT STILL OVER MASTER PLAN News for Mullanpur New Chandigarh

GMADA PHASE 1 News for Mullanpur New Chandigarh

TOI 05 Jan 2012, 12:16 IST

CHANDIGARH: Acting on a petition seeking stay on cutting of a large number of trees for the widening of the road from Mullanpur-UT boundary till the T-junction of Kurali-Siswan road, the Punjab and Haryana high court on Wednesday issued a notice to the Greater Mohali Area Development Authority (GMADA) and Union ministry of forest asking them to respond to the contentions raised in the petition. The high court has also issued a notice to the DFO, Mohali and Omaxe Infrastructure and Construction Ltd that has been assigned the road widening project.
The matter reached before the high court through a Public Interest Litigation (PIL) filed by one Jeet Bhumbla.

The petitioner has sought directions to quash the sanction letter given by GMADA issued on November 23 last year whereby permission has been granted to cut 1,827 trees and 664 young plants on both sides of the road, besides 560 poles for the purpose of widening of the road from Mullanpur-UT boundary upto the T-junction of the Kurali-Siswan road. It was submitted that the said sanction is illegal and contrary to the forest laws because felling of 1,100 trees on one side of the road is avoidable. Till now 50 trees have been cut.

The PIL further informed that GMADA had awarded a contract worth Rs 70.4 crore to Omaxe Infrastructure and Construction Ltd for widening the road of the said stretch of the highway. The total length of the stretch is 8km with a proposed width of 200 feet, while three bridges on the said road are also planned.
The case would come up for further hearing on February 27.